Dow Jones futures were lower after Monday’s stock market sell-off. A key inflation report – the consumer price index – will be released Tuesday morning ahead of the market open.
X
stock market today
On Monday, the Dow Jones Industrial Average lost 1.2% and the S&P 500 fell 1.7%. The tech-heavy Nasdaq Composite fell 2.2%. Among exchange-traded funds, Nasdaq 100-tracker Invesco QQQ Trust (QQQ) lost 2.4% and SPDR S&P 500 ETF (SPY) lost 1.7% on Monday.
Market leader in electric vehicles Tesla (TSLA) slipped nearly 5% on Monday. Twitter (TWTR) reversed from losses to end 1.7% higher after Tesla Chief Executive Elon Musk decided not to be a company director.
Overview of today’s US stock market | ||||
|---|---|---|---|---|
| index | symbol | Price | loss of gain | % To change |
| Dow Jones | (0DJIA) | 34309.07 | -412.05 | -1.19 |
| S&P500 | (0S&P5) | 4412.83 | -75.45 | -1.68 |
| Nasdaq | (0NDQC) | 13411.96 | -299.04 | -2.18 |
| Russell 2000 | (IWM) | 196.54 | -1.33 | -0.67 |
| IBD 50 | (FFTY) | 35.89 | -0.71 | -1.94 |
Last Updated: 4:30pm ET 4/11/2022 | ||||
Chip stocks were among the weakest performers of the day. NVIDIA (NVDA) fell 5.2% on an analyst downgrade. modern micro devices (AMD) slipped 3.6%, hitting its lowest level since July 2021.
As the stock market uptrend continues to struggle, Dow Jones is the financial leader American Express (AXP) — along with alphabet (GOOGL), Broadcom (AVGO), IBD Leaderboard Watch List Edward’s Biological Sciences (EW), Raytheon technologies (RTX) and sleeve (SHEL) – are among the top stocks to buy and watch on Tuesday.
Elsewhere among Dow Jones executives Apple (AAPL) declined 2.55% and Microsoft (MSFT) was trading down 3.9% on today’s exchange.
Microsoft and Tesla are IBD Leaderboard stocks. Edwards Lifesciences and Raytheon Technologies were featured in this week’s ‘Stocks Near a Buy Zone’ column.
Dow Jones Futures Today: Treasury Yields, Oil Prices, CPI
After Monday’s close, Dow Jones futures were down, while S&P 500 futures were down 0.1% from fair value. Nasdaq 100 futures fell 0.15% from fair value. Keep in mind that overnight action in Dow futures and elsewhere doesn’t necessarily translate to actual trading in the next regular trading session.
The US 10-year Treasury yield extended its winning streak to seven sessions on Monday, rising to 2.78%, its highest level since January 2019. US oil prices fell more than 3% on Monday, as West Texas crude oil fell Intermediate traded below $95 a barrel. The worsening virus outbreak in China is also raising concerns about potential demand.
Consumer prices are expected to have risen 1.1% in March, an annual rate of 8.4% according to estimates by Econoday, which would be the fastest increase since December 1981. The consumer price index measures the inflation rate. Meanwhile, the White House said it expects “headline CPI inflation (figure) in March to be extraordinarily high due to Putin’s price hike.”
The Department of Labor will release the CPI at 8:30 am ET.
Stock Market Rally Battles: What To Do Now
On Monday, the stock market again showed a disappointing performance, with the major stock indices ending with heavy losses. The Nasdaq continued to tumble below its 50-day moving average, which had been a key support level to watch.
Even if the underlying uptrend is still intact, it is time to proceed with more caution. Be cautious with most new purchases and only focus on stocks with exceptional fundamentals and large-scale breakouts past the right buying points. Also, be flexible. The market could recover and return to a “confirmed uptrend” or the heavy selling could continue and lead to a correction.
Monday’s The Big Picture column commented, “The S&P 500 fell 1.7% to close just below the 50-day moving average. The index is now attempting to find support at the 50-day moving average Monday after a tentative hold for the past two sessions.”
If you are new to IBD, you should take a look at the CAN SLIM stock trading system and basics. Recognizing chart patterns is a key to investing guidelines. IBD offers a wide range of growth stock lists, such as Leaderboard and SwingTrader.
Investors can also create watch lists, find companies approaching a buy point, or develop custom screens at IBD MarketSmith.
Four Dow Jones stocks you should be watching right now
Dow Jones stocks to buy and look at: American Express
Dow Jones financial stock American Express records a mug with a handle with a buy point of 194.45. Shares fell 3.3% Monday and ended about 9% off the last entry.
Keep an eye on the stock’s relative strength line. Amid its recent descent, the RS line is starting to fall further from its old highs, meaning it still has work to do before a possible breakout. The RS line measures a stock’s price action against the S&P 500. The RS line should make a new high on or shortly after the breakout day to confirm the strength of a stock’s breakout.
Four top growth stocks to watchrightde Stock market rally
Stocks to buy and watch: Alphabet, Broadcom, Edwards, Raytheon, Shell
The latest selection from IBD 50 Stocks To Watch, Alphabet shows a buy point of 2,875.97 in a mug with a handle, according to chart analysis by IBD MarketSmith. GOOGL shares are about 10% from entry after falling 3.35% on Monday.
Broadcom fell another 1.1% on Monday as chip stock fell further below an early entry at 614.74. Stocks are nearing the 7% to 8% loss trigger. The stock also gave up support at its 50-day moving average in recent sessions. Meanwhile, the stock has found another buy point, a handle entry at 645.41.
IBD leaderboard watchlist Edwards Lifesciences continues to rise to the right of a cup base showing a buy point of 131.83. Shares fell nearly 2% on Monday. Monday’s weakness is likely to be the start of a level that would lower the risk-optimal entry to 125.21.
Defense contractor Raytheon Technologies is within striking distance of the buy point of a flat base of 104.44. Shares gained 1.7% on Monday, trading just 2% below the last entry.
Oil & gas producer Shell, IBD stock of the day April 1 is just below the buy point of a flat base of 56.23 after falling 1.4% on Monday.
Join IBD experts as they analyze leading stocks from the current stock market rally on IBD Live
Tesla stock
Tesla shares slipped 4.8% on Monday, contributing to Friday’s 3% drop. Shares of the EV giant closed about 15% off Monday’s mug buy point of 1,152.97.
The stock traded as low as 1,243.49 on Nov. 4 and closed about 22% off that all-time high on Monday.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 2.55% on Monday, further below a buy point of 176.75 on a double bottom basis. The stock is close to triggering the 7% to 8% loss-limiting sell rule. Along with this double bottom entry, there is also a handle buy point in play at 179.71. On the upside, AAPL stock broke its 50-day support level on Monday, suggesting further weakness is likely.
Software leader Microsoft tumbled 3.9% on Monday as shares continue to slide below their 50- and 200-day moving averages. The stock is down almost 20% from its 52-week high.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top growth stocks to buy and watch
Learn how to time the market with IBD’s ETF market strategy
Find the best long-term investments with IBD Long-Term Leaders
MarketSmith: Research, charts, data and coaching in one place
How to research growth stocks: Why this IBD tool makes finding top stocks easy